Blog > Real Estate Update: Westchester & NYC Market Insights
Westchester has seen a continued rise in home prices, especially in suburban areas that offer a mix of space, nature, and proximity to NYC. While this trend started during the pandemic, it hasn’t slowed down and some analysts believe we are at a peak in terms of home values. The demand for single-family homes remains strong, driven largely by buyers looking for more space, good schools, and an easy commute into Manhattan. The median, home price in Westchester County is currently at $752,000, up 10.5% from the previous year. Areas like Rye Brook and Scarsdale are seeing strong competition, with some homes selling for 5-10% over the asking price.
The Rental Market is Booming Again in NYC
After facing a significant dip in rental demand in 2020 and 2021, New York City’s rental market has rebounded—and then some. This year, rents hit record highs across all five boroughs, with Manhattan leading the charge. The average rent in Manhattan has surged to $5,400 per month, reflecting a 6% increase from earlier in 2024. But what’s driving this? The surge in demand is partly fueled by those who moved out of the city during the pandemic now returning, along with younger professionals relocating for work. Additionally, the difficulty of buying in such a competitive market has forced many to remain renters longer than they originally planned.
The Impact of the New NAR Ruling
In both Westchester and NYC, real estate agents are adjusting to the recent ruling by the National Association of Realtors (NAR), which has shifted the way commissions work. Some reports show that buyer’s agent commissions in Westchester have dropped from the typical 2.5% to 2% in certain deals, impacting the way agents and clients navigate transactions.
Looking Ahead
With the average interest rate for a 30-year fixed-rate mortgage in late September 2024 is around 6.08%, with some forecasts suggesting that rates could fall to 5.95% to 6.25% by the end of October 2024 the market may see a slight cooling in Westchester’s high prices. In NYC, the rental market is expected to remain strong. If you're navigating these fast-moving markets, staying informed is crucial. Now’s the time to strategize to make the best decisions for buying, selling, or investing with Link NY Realty. Let’s Make it Happen!
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Valon Nikci
CEO & Principal Broker | License ID: 10991208180
CEO & Principal Broker License ID: 10991208180